Oruka Therapeutics, Inc. filed its quarterly report on Form 10-Q with the SEC on November 9, 2026, covering the fiscal quarter ended September 30, 2026, disclosing a net loss of $49.965 million for the three-month period and total assets of $1.231 billion.

Key Highlights

  • Net loss of $49.965 million for the three months ended September 30, 2026, compared to a net loss of $30.277 million in the same period of 2025, according to the filing.
  • Total assets reached $1.231 billion as of September 30, 2026, up from $488.617 million as of December 31, 2025, the company disclosed.
  • Cash, cash equivalents, and marketable securities totaled $1.206 billion combined ($191.519 million in cash and cash equivalents, $728.758 million in current marketable securities, and $286.310 million in long-term marketable securities) as of September 30, 2026.
  • Total operating expenses were $62.136 million for the three months ended September 30, 2026, with research and development expenses of $53.696 million and general and administrative expenses of $8.440 million.
  • April 2026 Offering raised $658.336 million net of offering costs, with 9,660,000 shares of common stock issued, as reported in the equity statements.
  • 67,227,572 shares of common stock were issued and outstanding as of September 30, 2026, up from 48,722,309 shares as of December 31, 2025.
  • Accumulated deficit stood at $312.148 million as of September 30, 2026, compared to $189.157 million as of December 31, 2025.

Oruka Therapeutics Reports Widening Losses Alongside Major Capital Raise in Q3 2026

Oruka Therapeutics, Inc. (NASDAQ:ORKA), a clinical-stage therapeutics company headquartered in Menlo Park, California, reported a net loss of $49.965 million for the three months ended September 30, 2026, according to its Form 10-Q filing. This compares to a net loss of $30.277 million for the same quarter in 2025. For the nine months ended September 30, 2026, the company reported a net loss of $122.991 million, against a net loss of $75.850 million for the nine months ended September 30, 2025.

The filing disclosed that total operating expenses for the three-month period ended September 30, 2026 were $62.136 million, driven primarily by research and development costs of $53.696 million. The nine-month research and development expenses totaled $126.098 million, compared to $73.000 million for the same period in 2025. The company reported interest income of $12.166 million for the third quarter of 2026, partially offsetting operating losses. Net loss per share attributable to common stockholders, basic and diluted, was $(0.63) for the three months ended September 30, 2026, based on a weighted-average share count of 71,590,343.

The company's balance sheet showed a substantial increase in total assets, rising to $1.231 billion as of September 30, 2026, from $488.617 million at December 31, 2025. The filing attributed a significant portion of this increase to the April 2026 Offering, which resulted in net proceeds of $658.336 million from the issuance of 9,660,000 shares of common stock. Total stockholders' equity as of September 30, 2026 was $1.197 billion. As of October 31, 2026, the filing reported 67,822,359 shares of common stock outstanding.

What Was Disclosed

Oruka Therapeutics filed its quarterly report for the period ended September 30, 2026, disclosing a quarterly net loss of $49.965 million, total assets of $1.231 billion, and a substantial increase in equity following a major common stock offering completed in April 2026.